Huobi is currently the fourth largest crypto exchange in the world in terms of trade volume.
Leon Li founded this trading platform in September 2013. On February 25, 2014, it claimed to have the record amount of bitcoin traded in a single day: about 380,000 BTC.
The Huobi group launched its Singapore-based Huobi Pro Global stock exchange after the Chinese government banned ICOs and domestic exchange rates in September 2017.
It also holds a share of BitYes. BitYes is a trading base focusing on global customers. It provides trading opportunity in LTC/USD, BTC/USD pairs and allows two fiat currencies: CNY (Chinese Yuan) and USD (US Dollar). Huobi has come across a tough time facing a lot of rumors about faking trade volumes but the claims could never be proved.
Verification at Huobi
Huobi implies a strong verification procedure. Though the Chinese traders constituted the primary community, traders from abroad can also register and trade at present.
The email address of the user is verified following registration by providing required info. Then the real name of the user is demanded. The provided name must match with that present in the bank account which is added to Huobi. This part is a bit sensitive because there are possibilities of misspelling foreign names by the Chinese employees.
Then comes the part of nationality verification. Option for the foreigners is limited to the passport whereas the Chinese residents have some more options to pick up such as Chinese ID card, driving license, military certificate, social insurance number etc. The whole verification process is accomplished by completing mobile verification.
Users can enjoy following types of orders:
- Market order
- Limit order
- Stop Limit order
Margin trading is also possible in both LTC and BTC with 5x leverage and 0.1 percent fee for 24 hours.
Flash trading is one of the most lucrative trading features provided by Huobi. Flash trading includes ordering book, market chart, and index. It permits real-time trading during high volatility.
Ease of use
The platform is user-friendly in nature and the interface also looks all right.
Though English is available along with Chinese, partial translation in English makes it a bit harder for the foreign users to use the trading platform. The native customers enjoy it to the fullest.
User experience is also available for iOS and Android applications for Smartphone users.
The support team is available anytime over the phone, email and social media. Team members are very well behaved and supportive. Any queries are met promptly within 2/3 hours.
Experience of the users
Among a few complaints, the common one is that they have broken Chinese laws. Some users also claim that the company has covered the gap of 5000 BTC due to an internal error by taking money from the accounts of the users.
Huboi security is pretty solid and has passed many tests of the third parties. Their security protocols include two-factor authentication, SMS and email confirmations, PGP encryption for emails. Most of the assets of the users are kept secured in the multi-signature cold wallet which is sincerely monitored all the time.
Huobi is, no doubt, a great exchange platform for the Asian traders. But it has a lot more rooms for improvement to satisfy the foreigners who are interested in this platform.